people who own lots of toys... how? (2 Viewers)

[-OZ-]

I make more money part time now than I did full time 10 years ago.

That's great.

Would you make more if you were full time?

 

[-OZ-]

Buy utility, rent luxury. 

With all the argument over boats here it really comes down to utilization.

I specifically don't want a vacation home; locks you in to one place.  If I do somehow get moderately rich the idea of one summer in New Zealand, one summer in Mallorca, one summer in Patagonia...  you get the drift, sounds awesome.

Wife and I have had this conversation very often lately.  I'm still 50/50 on buying a home either on the gulf or HHI. but I fully expect to rent it out often. But we will travel and rent more than use the vacation home. I won't buy the vacation home unless there's a good deal to be had.

.  Here in mid Alabama it ain't worth it.

You're not that far from some decent lakes. Definitely not NO (of course). I know if we got a boat we'd be in the Tennessee River, lake Guntersville or Smith lake fairly often. Probably the River most often. You're a bit far south to make those trips with as boat but it's doable.

 

[STEADYMOBBIN 22]

short term: 

(1) tile floor in the entryway was laid poorly and is starting to pop up.  some tiles have cracked. has to be replaced. what lies underneath causing the problem we aren't sure. we can tile ourselves, but if there are deeper underlying problems....

(2) driveway needs to be torn out and replaced

(3) we have 6-8" deep stones all around the house (except the back patio). we would like to replace that with gardens

(4) ash tree has emerald ash borer, has to come down - one other tree has a massive limb hanging over neighbor's fence and pool. that has to come off.

(5) "community drain" when clogged backs water in to my yard.  after a heavy rain, water can be mid-shin deep and span 20-25 yards. we need to figure that out with neighbors.

longer term:

(1) new roof - probably 10 years out

(2) replace back patio 

(3) pool 

(4) new windows

we have already put a new a/c unit in, updated gutters around the house and re-graded the yard in 2+ years.

i've got friends who don't understand why i can't fly out to see them, take my family on vacations with their families to Europe, the Caribbean, etc. when "it's only like 10k for a week vacation".    that 10k would solve some problems for me and saving to get there is going to take more than a couple paychecks.

I can help you with the foyer floor. It isn’t going to be bad. The tile cracking is likely because they didn’t use underpayment (cement board). Otherwise it could be that the house is older and the joists are 24” apart which allows too much flex when stepped on. 
 

Looking at your list again- I can help with advice on all the construction stuff. 
 

I can also sympathize with you and the Mrs. My wife and I feel and have felt the same way you both have over the years. We don’t know how others do it. 

 

[mr. furley]

I just bought myself a sweet bird feeder.   Wasn't really planning for such an expense, but reading this thread put me in the YOLO mindset so figured what the hay. 

no joke, we went through a nursery a few weeks back to buy some plants and i was browsing those bird feeders pretty closely, but could not pull the trigger.

you've inspired me.

 

[mr. furley]

I can help you with the foyer floor. It isn’t going to be bad. The tile cracking is likely because they didn’t use underpayment (cement board). Otherwise it could be that the house is older and the joists are 24” apart which allows too much flex when stepped on. 

my wife is a ####### wizard with this stuff. we just have to tear it up when we have the funds to put it back together. 

house was built in, i think, '82? so not so old.  the guy we bought it from slapped some shiny new upgrades on the place, but as we're coming to find out they were of the lipstick-on-a-pig variety. i think the joists are fine. this issue with the flooring hasn't shown itself anywhere else. i think the guy just rushed the tile job to pretty the place up for sale. 

 

[Terminalxylem]

Hating on boat owners is an odd take.  I'd never do it because of the cost and time involved, but the idea of being able to go drive my boat around sounds cool as hell.  

Why not just go on a cruise?

 

[Terminalxylem]

I like this thread. Lots of different perspectives. 

What we choose to spend our money on, what’s important to us, is what matters. 

I like to travel. And ski.  I live in bougie as hell, south OC.   I’m happy to spend money on these things. (Starting to want to move). Could not care less about “toys” (I do have $700 ski pants   ).

What kinda pants? I don’t spend a ton on gear, but my ski jacket was in that same price range.

 

[Otis]

Why not just go on a cruise?

Because they don’t want to pay to be trapped on a giant human Petri dish in the middle of the ocean for days on end?  

 

[Terminalxylem]

Because they don’t want to pay to be trapped on a giant human Petri dish in the middle of the ocean for days on end?  

It was a joke. IIRC, that poster is vehemently anti-cruise (as am I, FTR).

 

[Nathan R. Jessep]

I started late--about 10-11 years ago.   Relatively speaking--things were so expensive in the So cal market even back then that I focused on the Las Vegas market.  My first investment property there was a short sale in silverado ranch (right next to Henderson)--a 3 bedroom 2 bath single family home for $99k.   A little less than 2 years later I purchased a 2 bedroom 2 bath condo in silverado ranch for $53k.   After that--I used the funds to pay off my mortgage for the home that I live in Huntington Beach in--and several years later--I purchased a 3rd investment property in Vegas.    The key is that most occupations alone make it impossible to live life, keep some in savings for retirement, have reserve funds for emergencies and to enjoy some luxuries.  This is especially the case in Southern California. Putting your money to work is one of the key ways to get ahead of the curve.   Not only have these properties effectively paid for themselves via the passive monthly income--but they've also went up in value 2.5-3x since acquiring them.  Having those properties has almost been like having a second full time job for me financially over the past 10-11 years. 

not to highjack the thread with investment talk, but just one question... do you manage the rent collection, etc. yourself or do you have a management company do all that for you?

 

[jvdesigns2002]

not to highjack the thread with investment talk, but just one question... do you manage the rent collection, etc. yourself or do you have a management company do all that for you?

I have a property management company that I work with. Makes things far easier as a landlord that lives in a different state than where the rentals are

 

[Random]

I started late--about 10-11 years ago.   Relatively speaking--things were so expensive in the So cal market even back then that I focused on the Las Vegas market.  My first investment property there was a short sale in silverado ranch (right next to Henderson)--a 3 bedroom 2 bath single family home for $99k.   A little less than 2 years later I purchased a 2 bedroom 2 bath condo in silverado ranch for $53k.   After that--I used the funds to pay off my mortgage for the home that I live in Huntington Beach in--and several years later--I purchased a 3rd investment property in Vegas.    The key is that most occupations alone make it impossible to live life, keep some in savings for retirement, have reserve funds for emergencies and to enjoy some luxuries.  This is especially the case in Southern California. Putting your money to work is one of the key ways to get ahead of the curve.   Not only have these properties effectively paid for themselves via the passive monthly income--but they've also went up in value 2.5-3x since acquiring them.  Having those properties has almost been like having a second full time job for me financially over the past 10-11 years. 

I did the same thing 10-12 years ago.  I did use HELOCs to buy and rehab properties I bought from banks (most were bought around $15K).  Paid them off quickly with rents. 20+ properties over 10ish years.  Never took a salary from the rents until 2 years ago (after the HELOCs were paid off).  Sold one property and paid off my main home last year. 

I do manage my own properties with a full time maintenance guy.  Probably going to sell 1-2 per year as I don't want to own them once the kids are out of school and the wife retires (about 10 years from now).

 

[thecatch]

My daughters day care/preschool 11 years ago cost me almost 1k a month.   

Daycare in a major market will run you more than twice that.  

 

[mr. furley]

Daycare in a major market will run you more than twice that.  

weeps in @El Floppo

 

[El Floppo]

weeps in @El Floppo

this whole thread makes me cry.

 

[Dentist]

I don't know if dentist meant for it to come off this way, but I detest the notion that you can't be active in your 40s or 50s. 

We recover slower than in our 20s, and there's more risk with some activities. I'll always remember my two colleagues who went back to jumping out of airplanes in their mid 40s after a decade hiatus and got injured (one pretty badly, the other less so). But young guys get injured doing that too, and I suspect most of us aren't trying to jump out of airplanes with over 75 lbs of gear. 

Yeah, you'll feel sore doing some activities. But it's so worth it.

No.  That wasn't my angle.  I'm nearly 43 and just spent an hour kneeboarding with my kids and by myself.

But I've been doing it for 15 years so there's some muscle memory.   Meanwhile I taught all of my friends and bro in laws to do it and none can\will anymore.

My point was as much as I advocate financial sensibility, it is sure way cooler to own a boat in your twenties and thirties then to get started in your 40s.

I have a buddy that did just that and it's struggling mightily with water sports.

So I'm telling you buy that boat sooner or keep yourself in amazing shape if you buy it at 45 plus

 

[Dentist]

Here's the thing though.  I feel like most people aren't going to be able to do the max saving thing an have stuff without an extremely high income, favorable cost of living or juicy inheritance.

I think most can have one or the other but not both.

If I hadn't been maxing retirement incomes I could have bought a ton more stuff in my late 20s and 30s.    And in some ways I wish I would have.

But I'm 100 percent debt free with new cars and a new home so the moves I made then really opened up some financial freedom moving forward.... Well at least in non pandemic years where my income doesn't get destroyed

 

[DA RAIDERS]

What kinda pants? I don’t spend a ton on gear, but my ski jacket was in that same price range.

Patagonia powslayers. Got the  jacket in the summer for 200

ETA:  shoulda waited.  They’re half that now.   

 

[-OZ-]

Here's the thing though.  I feel like most people aren't going to be able to do the max saving thing an have stuff without an extremely high income, favorable cost of living or juicy inheritance.

I think most can have one or the other but not both.

If I hadn't been maxing retirement incomes I could have bought a ton more stuff in my late 20s and 30s.    And in some ways I wish I would have.

But I'm 100 percent debt free with new cars and a new home so the moves I made then really opened up some financial freedom moving forward.... Well at least in non pandemic years where my income doesn't get destroyed

There's truth to what you're saying of course. I mean, mathematically you're right.  I don't think anyone is arguing otherwise on this post. 

.

So I'm telling you buy that boat sooner or keep yourself in amazing shape if you buy it at 45 plus

I'm not sure what the standard for amazing shape is - healthy, active with some muscle or Terry crews / Dewayne Johnson level? 

The problem most middle aged people get into is that they haven't stayed healthy and active. 

My in laws bought their boat 20 years ago, in their 40s. They don't ski or even tube now, but they were for a while. They stayed healthy but definitely not in amazing shape. 

 

[WDIK2]

Locally, we all laughed at Jerry for starting a business making ONE WAY signs for grocery store floors.  Who knew?

 

[bigbottom]

There's truth to what you're saying of course. I mean, mathematically you're right.  I don't think anyone is arguing otherwise on this post. 

I'm not sure what the standard for amazing shape is - healthy, active with some muscle or Terry crews / Dewayne Johnson level? 

The problem most middle aged people get into is that they haven't stayed healthy and active. 

My in laws bought their boat 20 years ago, in their 40s. They don't ski or even tube now, but they were for a while. They stayed healthy but definitely not in amazing shape. 

I’ll provide myself as an example. I’m 50 and in decent shape. I’m not running marathons or anything, but I get semi-regular workouts in (mostly cardio), and have done multiple rim-to-rim hikes in the Grand Canyon in recent years. I would consider myself in moderate shape, and certainly “healthy and active.”

That said, for the life of me, I cannot get up on a wakeboard. Maybe it’s strength, maybe it’s technique, but it feels like my shoulders are tearing when I try. Tubing and kneeboarding is no problem, but wakeboarding?  Forget about it. 

 

[Dentist]

There's truth to what you're saying of course. I mean, mathematically you're right.  I don't think anyone is arguing otherwise on this post. 

I'm not sure what the standard for amazing shape is - healthy, active with some muscle or Terry crews / Dewayne Johnson level? 

The problem most middle aged people get into is that they haven't stayed healthy and active. 

My in laws bought their boat 20 years ago, in their 40s. They don't ski or even tube now, but they were for a while. They stayed healthy but definitely not in amazing shape. 

Healthy and active with muscle, not very fat, good knees and flexibility.

 

[-OZ-]

I’ll provide myself as an example. I’m 50 and in decent shape. I’m not running marathons or anything, but I get semi-regular workouts in (mostly cardio), and have done multiple rim-to-rim hikes in the Grand Canyon in recent years. I would consider myself in moderate shape, and certainly “healthy and active.”

That said, for the life of me, I cannot get up on a wakeboard. Maybe it’s strength, maybe it’s technique, but it feels like my shoulders are tearing when I try. Tubing and kneeboarding is no problem, but wakeboarding?  Forget about it. 

Fair enough. Fwiw, I have no real desire to go wakeboarding.

Or waterboarding, which auto correct suggested.

 

[jplvr]

I’ll provide myself as an example. I’m 50 and in decent shape. I’m not running marathons or anything, but I get semi-regular workouts in (mostly cardio), and have done multiple rim-to-rim hikes in the Grand Canyon in recent years. I would consider myself in moderate shape, and certainly “healthy and active.”

That said, for the life of me, I cannot get up on a wakeboard. Maybe it’s strength, maybe it’s technique, but it feels like my shoulders are tearing when I try. Tubing and kneeboarding is no problem, but wakeboarding?  Forget about it. 

It's technique. Once you get up on a wakeboard, you realize it's the easiest thing in the world to do. I'm sure you've heard it before, but you can't fight it and have to let the boat ease you up. No need for the boat to gun it or fight it like getting up on a slalom. Just ease into it. I learned to slalom at 10, and even though I haven't skied in over 10 years, I'd bet I can get up immediately. I'll eat some water, sure. With a wakeboard, I guarantee I could get up on one right now, and it'll be the easiest thing in the world.

Best advice I can give is to not put the wakeboard straight out in front of you, but have it under you, slightly forward of center, and with a slight upward tilt. You almost want to be standing straight up as the boat pulls you out of the water.

I've sat behind people in the water, holding the board for them, and probably 5 out of 6 got up the first time. I was in the back bay one of those times, treading water without a life jacket while the boat drove away, and dolphins surfaced behind me right around dusk. I just about crapped my trunks, but it was pretty cool afterwards. They swam right up to me, almost close enough to touch.

I fought it myself for half a summer before figuring it out.

 

[bigbottom]

It's technique. Once you get up on a wakeboard, you realize it's the easiest thing in the world to do. I'm sure you've heard it before, but you can't fight it and have to let the boat ease you up. No need for the boat to gun it or fight it like getting up on a slalom. Just ease into it. I learned to slalom at 10, and even though I haven't skied in over 10 years, I'd bet I can get up immediately. I'll eat some water, sure. With a wakeboard, I guarantee I could get up on one right now, and it'll be the easiest thing in the world.

Best advice I can give is to not put the wakeboard straight out in front of you, but have it under you, slightly forward of center, and with a slight upward tilt. You almost want to be standing straight up as the boat pulls you out of the water.

I've sat behind people in the water, holding the board for them, and probably 5 out of 6 got up the first time. I was in the back bay one of those times, treading water without a life jacket while the boat drove away, and dolphins surfaced behind me right around dusk. I just about crapped my trunks, but it was pretty cool afterwards. They swam right up to me, almost close enough to touch.

I fought it myself for half a summer before figuring it out.

Any interest in coming to East Texas to hold my board?  My son pops up every damn time like it’s nothing. Also, I don’t get the under you at all. I thought it had to be in front of you with the edge out of the water?

 

[jplvr]

Any interest in coming to East Texas to hold my board?  My son pops up every damn time like it’s nothing. Also, I don’t get the under you at all. I thought it had to be in front of you with the edge out of the water?

No on the last part, at least not for me. I'm basically standing straight up and down when the boat starts going. Granted, it's been a while, but when I've held the board previously, I've held the back of the person's life jacket, the back of the board underneath them, and the boat should ease into it instead of gunning it like you would pulling someone on a slalom.

https://www.youtube.com/watch?v=7tdlcmbuLOA

This guy has the girl starting out with the board in front of her, but there's a quick transition early on where the board slides underneath the water with a slight angle up. I just start out that way.

 

[bigbottom]

No on the last part, at least not for me. I'm basically standing straight up and down when the boat starts going. Granted, it's been a while, but when I've held the board previously, I've held the back of the person's life jacket, the back of the board underneath them, and the boat should ease into it instead of gunning it like you would pulling someone on a slalom.

https://www.youtube.com/watch?v=7tdlcmbuLOA

This guy has the girl starting out with the board in front of her, but there's a quick transition early on where the board slides underneath the water with a slight angle up. I just start out that way.

Hmmm. I’ll try that next time if I can get someone to pilot the boat. When I’m pulling folks, I’m more on the gunning it side rather than easing into it.  These kids just pop up.  Thanks for the tips. I’ll let you know how it goes. 

 

[Scoresman]

It was a joke. IIRC, that poster is vehemently anti-cruise (as am I, FTR).

Yes still anti-cruise.  That one COVID cruise ship from March is still docked in Oakland and I'd flip it off every time I drove by it on the freeway.  

 

[Terminalxylem]

Patagonia powslayers. Got the  jacket in the summer for 200

ETA:  shoulda waited.  They’re half that now.   

Same with my jacket, also Patagonia 

 

[-fish-]

That's great.

Would you make more if you were full time?

Yeah, but then I wouldn't have time to spend boating.   

 

[-fish-]

The best luxury in my life is my cleaning lady.   I love having a spotless house once a week.  So worth the money.

 

[AAABatteries]

For me, it’s mostly water sports with family and friends. Tubing, wakeboarding, kneeboarding, wakeskating. Listening to music with the wind in your hair and then stopping in the middle of the lake with everyone jumping into the water to cool off. I’ve also used my boat for fishing but it’s probably 25-1 used for water sports and fun over fishing. 

And yes, it was admittedly a pain when I had to launch my boat every time I wanted to use it. Once we built a boathouse (which was a decent size expense), it got a whole lot easier. I can be out on the lake within five minutes after pulling up. 

You rock stars are all the same with your fancy boat houses and boats!

 

[bigbottom]

You rock stars are all the same with your fancy boat houses and boats!

We're talking East Texas here.  About the fanciest thing in town is the old jailhouse that they converted into a restaurant.

 

[Dentist]

It's technique. Once you get up on a wakeboard, you realize it's the easiest thing in the world to do. I'm sure you've heard it before, but you can't fight it and have to let the boat ease you up. No need for the boat to gun it or fight it like getting up on a slalom. Just ease into it. I learned to slalom at 10, and even though I haven't skied in over 10 years, I'd bet I can get up immediately. I'll eat some water, sure. With a wakeboard, I guarantee I could get up on one right now, and it'll be the easiest thing in the world.

Best advice I can give is to not put the wakeboard straight out in front of you, but have it under you, slightly forward of center, and with a slight upward tilt. You almost want to be standing straight up as the boat pulls you out of the water.

I've sat behind people in the water, holding the board for them, and probably 5 out of 6 got up the first time. I was in the back bay one of those times, treading water without a life jacket while the boat drove away, and dolphins surfaced behind me right around dusk. I just about crapped my trunks, but it was pretty cool afterwards. They swam right up to me, almost close enough to touch.

I fought it myself for half a summer before figuring it out.

It's definitely technique.    Watch some YouTubes or get "the book" on DVD.    It's great.  

 

[jplvr]

It's definitely technique.    Watch some YouTubes or get "the book" on DVD.    It's great.  

I think I bought that. Couldn’t tell you if I still have it. 

 

[NutterButter]

Healthy and active with muscle, not very fat, good knees and flexibility.

Please post your combine results

 

[stbugs]

The best luxury in my life is my cleaning lady.   I love having a spotless house once a week.  So worth the money.

I told my wife years ago that when she went back to work we’d get cleaning ladies. They come every other week and it’s nice. My wife stayed home with the kids for 12 years and it is well worth the cost while we both work (both from home). Same with the lawn guys, they do everything. Hedge a bunch of times, weed, mow, rake, winterize the sprinklers, turn on the sprinklers, seed and aerate, fertilize and anything else lawn related. I couldn’t imagine doing that anymore. I’ve got boys but haven’t had a lawnmower in almost a decade now so they were a bit young back then and now I’ve got no equipment.

 

[lumpy19]

I’ll provide myself as an example. I’m 50 and in decent shape. I’m not running marathons or anything, but I get semi-regular workouts in (mostly cardio), and have done multiple rim-to-rim hikes in the Grand Canyon in recent years. I would consider myself in moderate shape, and certainly “healthy and active.”

That said, for the life of me, I cannot get up on a wakeboard. Maybe it’s strength, maybe it’s technique, but it feels like my shoulders are tearing when I try. Tubing and kneeboarding is no problem, but wakeboarding?  Forget about it. 

Advice provided by @jplvr is spot on, I will say 30 years ago when the wakeboards were surfboards with footstraps it was quite difficult but as the buoyancy of the boards has gone down it's more of a gun it and stand approach.

 

[bigbottom]

Advice provided by @jplvr is spot on, I will say 30 years ago when the wakeboards were surfboards with footstraps it was quite difficult but as the buoyancy of the boards has gone down it's more of a gun it and stand approach.

I’m pretty sure he’s advocating not gunning it. That’s the main thing I plan to have my wife do differently if I end up giving it another go. With the kids, I gun it and they just pop up. 

 

[jplvr]

I’m pretty sure he’s advocating not gunning it. That’s the main thing I plan to have my wife do differently if I end up giving it another go. With the kids, I gun it and they just pop up. 

I haven't been on a wakeboard in a decade, but yeah, we didn't gun it. The main thing I think you're doing wrong is putting too much of the bottom of the board towards the boat. It was just easier for me to stand with the slight upward angle, but regardless, you need to transition quickly like the kid in that video. Gunning it or not shouldn't matter once you get it, but easing into it might help you get up. If you feel too much strain, lessen that angle and maybe you won't have to let go.

At 2:20 of this video, this is pretty much how I saw myself starting out. Maybe I transitioned there when the rope got tight, when I said "go," or some time else, but I was definitely here when the driver started to go. Maybe squat like they say at first, but I felt like I was standing immediately by the 2nd or 3rd time I got up.

https://www.youtube.com/watch?v=I9qWJu0Vrpw

 

[bucksoh]

Pay cash for everything except your house payment.  Nothing wrong with renting a boat or cabin several times a year.  Much cheaper than owning a boat.  If you can't pay cash for it it is a good idea to save until you do.  You'll be further ahead in the long run.  Invest if you can, if you suffer a set back take it as a lesson learned but never stop investing.   Just signed for a new house and after I sell mine I'll be totally debt free at 46!   Yeah me!   Also helps to have a wife who doesn't suck your funds dry!